Global EV sales in February saw a modest 3% rise, impacted by China’s Lunar New Year. Europe and North America experienced growth. Rho Motion forecasts a 25-30% increase in global electric car sales for the year despite a recent slowdown in demand.
In February, global sales of fully electric and plug-in hybrid vehicles (PHEVs) experienced a modest increase of 3% compared to last year, primarily due to the impact of the Chinese Lunar New Year celebrations, according to market research firm Rho Motion. The firm reported that worldwide sales reached 800,000 units, with a 12% growth in Europe and a 31% increase in the U.S. and Canada. However, sales in China, the dominant market for electric cars, declined by 12%.
Charles Lester, data manager at Rho Motion, explained that the lower growth rate is attributed to China’s significant influence on the electric car market. He noted that sales in China have risen by 34% this year, offering a more accurate reflection of the market’s performance, especially considering that last year’s Lunar New Year occurred in January.
Despite the recent slowdown in sales demand for electric cars, which had previously seen a dramatic rise, consumers are now awaiting more affordable models. According to Lester, Rho Motion anticipates a global increase in electric car sales of between 25% and 30% for the year.
